Mergers and Acquistions News
Categories: IT Services & Consulting
August 29th 2008, 17:27PM
Shareholders at IONA Technologies have given the green light to a plan that will see the company sold.
Progress Software has offered $4.05 (£2.21) a share for the integration solutions specialist - a deal worth a total equity value of $162 million and approximately $106 million net of cash and marketable securities reported on March 31st 2008.
IONA's shareholders voted in favour of the move, which also received unanimous approval from the company's board.
The agreement now awaits approval from the Irish High Court. The decision is set to take place on September 10th.
Commenting on the development, Kevin Melia, chairman of IONA, said: "Progress Software will inherit world-class technology that supports highly-complex applications in global mission critical environments, together with a highly-talented workforce."
IONA counts among its customer base organisations including Lehman Brothers, Fujitsu Telecommunications Europe and the US Department of Transport.
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